Key West Fourplex with Outdoor
New
For Sale
$1,895,000
905 Grinnell Street, Key West, FL 33040
Residential, Key West, FL
Property Size3,383 SF
Lot Size0.13 Acres
Price / SF$560.15
Days on Market2
Property Features for 905 Grinnell Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
HHDR - Historic High Dens
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 8, Bathroom 4, Bathroom 1, Bedroom 5, Bedroom 2, Bedroom 1, Bedroom 6, Bathroom 2, Bedroom 3, Bedroom 4, Bedroom 7, Bathroom 3
Parking features
Assigned, Off Street
Patio and Porch features
Porch, Deck, Patio
Exterior features
Privacy Wall/Fence
Fencing
Privacy
Appliances
Washer, Dryer, Refrigerator, Oven, Microwave
Subdivision
Old Town - Unlisted (1.0)
View
Water
Standard status
Active
APN
00020860000000
Size
3,383 SF
Lot size
0.13 Acres
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Tax Year
2025
Tax Description
Kw Pt Lot 4 And Pt Lot 2 Sqr 3 Tr 6 Or4-281/83 Or4-284/85 Or600-754/55 Or701-406 Or760-988 Or810-258/59 Or760-988 Or1063
Tax Annual Amount
14850
Legal Description
Kw Pt Lot 4 And Pt Lot 2 Sqr 3 Tr 6 Or4-281/83 Or4-284/85 Or600-754/55 Or701-406 Or760-988 Or810-258/59 Or760-988 Or1063
Utilities
Cooling system
Wall/Window Unit(s), Ductless, Window Unit(s)
Amenities
off-street parking
separate entrances
outdoor spaces
Building Details
Year built
1959
Number of units
4
Building materials
CBS
Roof type
Metal
Listing Agency:
Truman & Co. (KW)
(305) 292-2244
Listed By:
Team Kaufelt
(305) 393-1267
Added: Oct 27
Last Checked: Oct 28 at 3:06AM
MLS# 621807
Copyright © 2026 Key West Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This four-unit residential property in Key West contains approximately 3,383 square feet on a 5,737-square-foot lot. The apartment mix includes one three-bedroom unit, two two-bedroom units, and a studio; each has one bathroom. Separate entrances and private outdoor areas provide distinct access and usable exterior space. Concrete-block construction, a metal roof, and a 1959 year built are among the building’s physical details.
The property is in Key West’s Historic District, within walking distance of restaurants, shops, and Duval Street. It is located in the X-500 flood zone and has off-street parking, including assigned spaces.
All four residences are occupied, with combined monthly rents of $11,249. The property is zoned HHDR - Historic High Dens.
The property is in Key West’s Historic District, within walking distance of restaurants, shops, and Duval Street. It is located in the X-500 flood zone and has off-street parking, including assigned spaces.
All four residences are occupied, with combined monthly rents of $11,249. The property is zoned HHDR - Historic High Dens.
Key Highlights
- Four occupied residences with monthly rents totaling $11,249
- Unit mix: one 3‑bedroom, two 2‑bedroom apartments, and one studio; each has one bathroom
- Approximately 3,383 square feet on a 5,737‑square‑foot lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$56,673
Cap Rate
2.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,133,460
$1.1M
Cap Rate 7%
$809,614
$809.6K
Cap Rate 9%
$629,700
$629.7K
Market Conditions
NOI Build-Up for 3,383 SF
Gross rent
$86.5K $25.56/SF
− Vacancy
−$5.5K −$1.63/SF
EGI
$81.0K $23.93/SF
− OpEx
−$24.3K −$7.18/SF
NOI
$56.7K $16.75/SF
Area
Monroe County, FL
Vacancy
6.37%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,133,460
Cap Rate 7%
$809,614
Cap Rate 9%
$629,700
Alternative Uses
Best Use
Multifamily LT 5
$809.6K
$708.4K – $944.6K
NOI $56,673 @ 7.0% cap · market cap 2.99%
Second Best
Apartment 5plus
$749.9K
$656.2K – $874.9K
NOI $52,496 @ 7.0% cap · market cap 2.77%
Theoretical Best
Office A
$1.36M
$1.19M – $1.59M
NOI $95,254 @ 7.0% cap · market cap 5.03%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
3,256
Businesses Nearby
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Business Placement
Demographics for 33040, FL
35,958
Population
19,001
Households
1.9
Avg Household Size
44
Median Age
38%
College-Educated
92%
High-School Grad
17.7 sq mi
ZIP Area
2,032
Density / Sq Mi
$79,038
Median Household Income
$42,458
Median Earnings
$2,079
Median Rent
$766,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Four occupied apartments offer varied layouts, separate entrances, and assigned off-street parking.
Where is this quadplex located?
The property is located at 905 Grinnell Street Key West, FL.
What is the asking price?
The asking price for this property is $1,895,000.
What are key features of this property?
This property features: Four occupied residences with monthly rents totaling $11,249; Unit mix: one 3‑bedroom, two 2‑bedroom apartments, and one studio; each has one bathroom; Approximately 3,383 square feet on a 5,737‑square‑foot lot
